Reliability of Excel When It Comes To Planning & Budgeting
Here are the Authentic Reasons to Move to the New Solution for Planning, Budgeting, Forecasting and Financial Reporting
Planning, Budgeting, Forecasting and Financial Reporting are very important for a company to handle performance issues, manageability, data redundancy, data insecurity etc. Excel spread sheet has been a very common practice for decades for number of reasons like no licensing, ease of use, less training requirements and so on. But it does have numerous reasons, some limitations, technology constrains and so on which limit the scope of work and end results.
Research shows that many companies still use excel for their easy-to-go solutions. Although; in reality, it doesn’t provide sufficient base for managing and handling these essential performance indicators, the majority of companies are still using it, because they do not have proper knowledge about other effective solutions. The blog is thus directed to give those companies a very clear and easy understanding and insights to guide them or provide right insights, so that they can save their selves by not indulging into what can bring fewer promising results.
Some Limitations or Key Problems with Excel
Even when the Excel is used widely, the users face many limitations. Some of which includes
The basic flaw with excel spreadsheet is that it has multiple versions, which can result badly in causing data inconsistencies and redundancies that effect the report by hitting its integrity issues
Overloading Of Information:
As the businesses grow, more information is put into excel spreadsheets, this way the reports become increasingly complex and difficult to manage with time. Even sometimes the end-users are tending to get the information which is useless for them doesn’t match to their roles.
Waste Of Time:
As businesses need fast access to relevant information, they cannot response well to the ever-changing environment, in a timely manner. Although the data and information are consisted of large Excel spreadsheets, which typically contain vital or essential financial data which is must use by businesses to take healthy and futuristic business decisions. As it may require significant time to update and publish, the whole process ended with saying it unreliable, time taking and non-beneficial.
Why Do We Face Need of Oracle Hyperion Planning & Budgeting Application?
Since, budgeting, forecasting and financial reporting are the most important building blocks in corporate performance, it is very important to have an effective, efficient, reliable and up-to-date platform, because if company do not opt for alternative solution, it will face issues.
Because human nature always looks for improvement, every problem leads to solution or alternative. Organizations tackle such weaknesses, issues and limitations by using Oracle Hyperion Planning & Budgeting Application as the perfect alternative solution that perfectly covers all relevant worries.
The main features or worth mentioning features of Oracle Hyperion Planning include simplified RDBMS repository, RDBMS workspace for content migration, 3rd party certifications, supporting Windows 2019 OS (Linux 7 and AIX 7.2), Oracle 12.2, SQL Server 2017 (For RDBMS), and use of JDK 1.8. Moreover, many new features are also involved which you can see in detail in our last blog